What to know:
- Grayscale is seeking to convert its Grayscale Solana Trust (GSOL) into an exchange-traded fund.
- The trust, which was created by Grayscale in 2021, has $134 million in assets under management.
- Grayscale becomes the fifth asset manager looking to launch a SOL ETF.
As a seasoned analyst with over two decades of experience in the financial industry, I have witnessed numerous transformations and innovations that have redefined the market landscape. The latest development in the crypto sphere, Grayscale’s attempt to convert its Solana Trust into an ETF, is yet another testament to this dynamic evolution.
Grayscale is now aiming to transition its current Solana Trust (GSOL) into a Solana Exchange-Traded Fund (ETF), marking its entry into the competition for Solana ETF offerings.
On Tuesday evening, NYSE Arca, the exchange planning to list the fund, submitted a 19b-4 filing with the U.S. Securities and Exchange Commission (SEC). This is a necessary step as the SEC requests exchanges to submit such filings when a self-regulatory organization like an exchange proposes a rule change.
Five different asset management companies, including Grayscale, have recently expressed intentions to introduce a Solana-based Exchange Traded Fund (ETF). This follows the initial announcements made by Bitwise, VanEck, 21Shares, and Canary Capital earlier in the year.
Earlier this year, Grayscale successfully transformed its main Ethereum and Bitcoin trusts into Exchange Traded Funds (ETFs). Recently, the company introduced a new closed-end Solana Trust, marking it as their 16th investment product. As of the latest filing today, this trust manages assets worth $134 million.
Similarly to many other cryptocurrencies, Solana has experienced a significant surge in value this year, with an even more pronounced increase following the early November election of Donald Trump, which indicated a more favorable regulatory climate for the industry.
SOL jumped about 3% on this evening’s filing and is now ahead more than 130% year-to-date.
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2024-12-04 01:20